Tip 1 : A small change
Cut non-essential expenses to increase the amount or frequency of your savings deposits. Cutting out a barista coffee on the way to the office every workday can save you more than $1,000 per year.
Tip 2: Reward yourself
Rewarding your accomplishments can be a great motivator to stick to saving. Accommodate rewards to celebrate your savings progress in your plan, so that when you save $10,000, you can spend $200 (or 2%) of what you’ve saved, without falling behind on your plan.
Tip 3 : Watch it grow
Monitor your statements monthly to view how much interest you are earning and get the satisfaction of watching your balance grow.
Tip 4: Long-term saving
Look at fixing your funds in a long-term investment at a high rate, or consider speaking to a financial advisor to work out an investment strategy.
Be realistic with your timeframes so you don’t lose motivation.